Gronkowski purchases stake in Kentucky Derby horse named after him

Rob Gronkowski is taking on an ownership role, but it's not with the NFL.

The New England Patriots tight end announced on Wednesday that he has purchased a minority stake in a thoroughbred that was named after him. The three-year-old colt Gronkowski is set to run at Churchill Downs on May 5 in the Kentucky Derby.

Terms of the deal have not been released, but it is thought the colt was purchased last year in England by Phoenix Thoroughbreds, a horse racing investment fund, for more than $400,000.

The investment group picked the colt's name because he is "big and strong", just like the Patriots star, per the Wall Street Journal .